Growing automobile sales predicted to drive lubricants market size

The lubricants market, which is led by Shell, ExxonMobil, Chevron and BP, is expected to grow significantly between now and 2022, driven by an increase in automobile sales, according to a report by GM Insights.

Back in 2014, the global lubricants market equated to 37.7 million tons, and it is predicted to go up to around 47.75 million tons by 2022. By volume, the market is expected to grow at a compound annual growth rate of around 2.9% during the predicted 2015-2022 period.

In 2014, the global lubricants market’s revenue was valued at $37bn (£28bn), and it is predicted to be over $74bn (£56bn) by the closing of 2022. Not only that, but the global oil industry is expected to grow at a compound annual growth rate of 8.5% in the period 2015 – 2022.

This will be good news for the market leaders, who between them were responsible for 40% of oil demand in 2014, and who are likely to see sales of their best lubricant products, including Mobil 1 New Life 0W/40 and Shell Gadus S2 V100 3, increase.

The expected growth of the lubricants market worldwide is set to be helped along by various aspects, including the quick industrialization of the APAC zone, and expanding industrialisation of a number of countries, including Brazil, China and Mexico, which are increasingly demanding lubricants for a number of purposes. The growth in construction activities in Latin America will also help the market expand.